Picture: 123RF / RIDO
Picture: 123RF / RIDO

In this edition of Business Day Spotlight, we talk about the growth of digital payments in SA.

Host Mudiwa Gavaza is joined by Aldo Laubscher, country manager for SA at Visa. Laubscher begins by explaining how the Visa system works between consumers and businesses

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Visa is a US-based financial technology (fintech) company. Mainly working in the financial services sector, the company has operations around the world, including in SA, where its logo is often featured on bank cards, ATMs and point-of-sales machines.

The company — valued at just under $485bn — competes with MasterCard, another US based player, whose market capitalisation of $357bn is smaller by comparison.

Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.
Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.

In a normal card payment, Laubscher says there can be up to 17 different points though which that transaction has to be processed before completing a payment, all done in a matter of seconds.

Laubscher says they have seen an uptick in transactions over the pandemic period, driven by reduced use of physical cash payments. The rising adoption of e-commerce in a world of social distancing has also done much to increase the rate of digital payments, he says.

Laubscher highlights some of the key trends in digital payments, and how business owners can make practical use of these trends. 

The discussion focuses on Visa’s role as a technology company and its relationship with the financial services industry; the growth of digital payments around the world; the trends seen by Visa during the pandemic; how digital payments have fared versus cash; collaborations that Visa has with other fintech companies; and an outlook for the industry.

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 Business Day Spotlight is a MultimediaLIVE production.

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